mapleleafsnjesus
New member
I spoke with a Scotiabank financial advisor today to learn about different options for getting interest because I have a small amount of money sitting in my account getting no interest, and how to save on monthly fees for my current accounts (checking, savings, etc.).
They said there are no monthly fees for savings and for checking there’s a 3.95 monthly fee and fees for eTransfers, but that if I maintain a $4,000 balance in the account I’ll have no monthly fee and unlimited eTransfers. So he moved $4,000 from my savings to that account and upgraded it to this “preferred” checking account after I signed some papers.
He also created a Momentum Plus account which he said could help me save money as well.
The issue is that I will only save $4-20 in my checking account while having to maintain a $4,000 balance, whereas in the Momentum Plus I’d get $50 interest a month and a GIC maybe more.
The rep said I could get a Cashable GIC (1 year) or a Redeemable GIC (2 years) and although they note a number of years, they can be withdrawn from at any point and I still get the full interest. Is this accurate? If so, would it make sense for me to use one of these types as my main saving account? Which would would be best? Could I really access the money anytime without penalty?
Then should I downgrade my checking account to the basic so I can invest my $4,000 in the GIC (or Momentum Savings). Thank you so much for your help. I’m really lost with this![Frown :( :(](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
They said there are no monthly fees for savings and for checking there’s a 3.95 monthly fee and fees for eTransfers, but that if I maintain a $4,000 balance in the account I’ll have no monthly fee and unlimited eTransfers. So he moved $4,000 from my savings to that account and upgraded it to this “preferred” checking account after I signed some papers.
He also created a Momentum Plus account which he said could help me save money as well.
The issue is that I will only save $4-20 in my checking account while having to maintain a $4,000 balance, whereas in the Momentum Plus I’d get $50 interest a month and a GIC maybe more.
The rep said I could get a Cashable GIC (1 year) or a Redeemable GIC (2 years) and although they note a number of years, they can be withdrawn from at any point and I still get the full interest. Is this accurate? If so, would it make sense for me to use one of these types as my main saving account? Which would would be best? Could I really access the money anytime without penalty?
Then should I downgrade my checking account to the basic so I can invest my $4,000 in the GIC (or Momentum Savings). Thank you so much for your help. I’m really lost with this